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Risk Management


News Insurance

What’s new: In brief (November 11, 2004)

November 11, 2004 by Canadian Underwriter

The U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points

News Insurance

U.K. risk managers come out against contingent commissions

November 10, 2004 by Canadian Underwriter

Risk managers in the U.K. are adamant that the current system of contingent commissions to broker needs to be abolished. In a survey by the Association of Insurance and Risk Managers (AIRMIC), 93% of corporate insurance buyers say contingent commissions

News Insurance

U.S. broker group proposes principles for regulating broker commissions

November 10, 2004 by Canadian Underwriter

In a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken

News Insurance

What’s new: In brief (November 10, 2004)

November 10, 2004 by Canadian Underwriter

Lloyd’s plan to issue 500 million of subordinated debt has been oversubscribed several times over, and the 300-year-old market announced terms of the offering Wednesday. An application to the London Stock Exchange is for a sterling tranche of 300 million

News Insurance

U.K. asbestos situation could lead to $22.4 billion in claims

November 3, 2004 by Canadian Underwriter

The total cost of asbestos-related disease in the U.K. could be 8-10 billion pounds (CDN$18-45 billion), with insurers shelling out 4-10 billion pounds (CDN$9-22.4 billion) of this loss, according to a new study.The study, released by the U.K. Actuarial Profession,

News Insurance

Omega created to fill market “gaps”: Cook

November 3, 2004 by Canadian Underwriter

Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to parent company CEO Phil Cook through his work consulting with insurers.Cook heads up

News Insurance

Liability explosion a global headache: Swiss Re

November 1, 2004 by Canadian Underwriter

While much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come

News Insurance

Fitch maintains stable outlook on commercial lines despite Spitzer probe

November 1, 2004 by Canadian Underwriter

Even with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a

News InsuranceMergers and Aqcuisitions

What’s new: In brief (October 31, 2004)

October 31, 2004 by Canadian Underwriter

The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in

News Insurance

Captives Conference: U.S. election could impact captive “tax havens”

October 27, 2004 by Canadian Underwriter

With the U.S. election one week away, presidential candidate John Kerry has touted his desire to deal with “tax havens”, a situation which could have implications for offshore captives.But speakers at the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto

News Insurance

Captives Conference: Fronting fraught with pitfalls, but also pluses

October 27, 2004 by Canadian Underwriter

Fronting a captive is a challenging business, but one which also has the potential to provide great benefits to the fronting insurer, delegates to the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto heard Wednesday.Robert Davis, senior vice president for

News Insurance

What’s new: In brief (October 26, 2004)

October 26, 2004 by Canadian Underwriter

The Property-Casualty Insurers Association of America (PCI), says the issue of broker commissions has become confused the long-standing practice of contingent commissions is being lumped in with alleged acts of wrongdoing which are not accepted by the industry. “While those